News

BNZ’s bad news is good for investors

Wednesday 30th of July 2003
Bank of New Zealand Investment Management has revealed that an error in calculating the value of five of its managed funds is going to cost it $7 million.

The company says that it has over-inflated the unit prices on five of its funds because of the way it valued its tax assets (which have come about because the funds have being making losses).

It had the choice of writing back the unit pric...

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